Trump Orders Review to Open Fed Payment System to Crypto Firms

Highlights:

• President Trump ordered a review of rules that may limit fintech and crypto firms.
• The Fed will study whether crypto firms can access payment accounts directly.
• Regulators must identify barriers, streamline approvals, and maintain proper safeguards.

President Donald J. Trump signed an executive order on Tuesday called “Integrating Financial Technology Innovation into Regulatory Frameworks.” The order directs federal financial regulators to review rules that may make it harder for fintech firms, including crypto companies, to enter the U.S. financial system.

The White House said the goal is to reduce unnecessary barriers while keeping proper safeguards in place. A key part of the order focuses on Federal Reserve payment accounts and payment services, often known as master accounts. These accounts allow eligible financial institutions to connect directly with the Federal Reserve’s payment system. For crypto firms, direct access could reduce their reliance on traditional banks for payment processing and settlement.

The order does not immediately give crypto companies access to master accounts. Instead, it asks the Federal Reserve Board to study whether existing law allows such access for uninsured depository institutions and non-bank financial companies. The review will include firms involved in digital assets, real-time payments, and other new financial activities.

⚖️NEW: Trump orders Fed to grant crypto firms DIRECT access to master accounts.

This could let crypto firms move money more like banks instead of depending on banks to do it for them. pic.twitter.com/ikCeNNDUtE

— Coin Bureau (@coinbureau) May 20, 2026

Fed to Examine Master Account Access

Under the executive order, the Federal Reserve is requested to complete a full evaluation within 120 days. The report must explain whether the Fed has legal authority to expand access to payment accounts and services. It must also discuss possible options, legal barriers, and risk controls.

The order also asks the Fed to review whether each of the 12 Federal Reserve Banks can independently approve or reject applications for these accounts. If Reserve Banks have that authority, the Fed must explain how it can create a consistent process across all regions.

If the Fed finds that current law allows direct access for covered firms, it is requested to create clear application procedures. The order also asks the Fed to make decisions on complete applications within 90 days.

Trump Order Targets Crypto Access Barriers

The order gives federal financial regulators 90 days to review their existing rules, guidance, supervisory practices, and application processes. These regulators include the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), National Credit Union Administration (NCUA), and Consumer Financial Protection Bureau (CFPB).

Their review must identify rules that may block fintech firms from working with federally regulated institutions. It must also look at ways to make applications easier for eligible firms seeking bank charters, credit union charters, deposit insurance, licenses, registrations, or other approvals.

The White House said the goal is to support innovation and competition in financial services. The order says fintech companies can offer services such as payments, lending, investment management, brokerage, digital banking, digital asset services, and blockchain-based services.

The ruling can become an essential regulatory framework for the cryptocurrency sector. Currently, many cryptocurrency firms rely on financial institutions as partners to access payment rails. This process can add to cost, result in delay, and make the firms vulnerable to any disturbances in the banking system. The next big thing would be the Federal Reserve’s 120-day report.